MORTGAGE FINANCING FOR RESIDENCES LOCATED IN DISASTER AREAS.

SEC. 914. MORTGAGE FINANCING FOR RESIDENCES LOCATED IN DISASTER AREAS. Subsection (k) of section 143 (relating to mortgage revenue bonds; qualified mortgage bond and qualified veteran’s mortgage bond) is amended by adding at the end the following new paragraph: “(11) Special rules for residences located in disaster areas.—In the case of a residence located in an area determined by the President to warrant assistance from the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (as in effect on the date of the enactment of the Taxpayer Relief Act of 1997), this section shall be applied with the following modifications to financing provided with respect to such residence within 2 years after the date of the disaster declaration:111 STAT. 879 “(A) Subsection (d) (relating to 3-year requirement) shall not apply. “(B) Subsections (e) and (f) (relating to purchase price requirement and income requirement) shall be applied as if such residence were a targeted area residence. The preceding sentence shall apply only with respect to bonds issued after December 31, 1996, and before January 1, 1999.”.